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			<h1 id="firstHeading" class="firstHeading">Investment</h1>
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				<div class="dablink">For other uses, see <a href="http://en.wikipedia.org/wiki/Investment_%28disambiguation%29">Investment (disambiguation)</a>.</div>
<p><b>Investment</b> is putting money into something with the expectation of profit. More specifically, investment is the commitment of <a href="http://en.wikipedia.org/wiki/Money">money</a> or capital to the purchase of financial instruments or other assets so as to gain profitable returns in the form of <a href="http://en.wikipedia.org/wiki/Interest">interest</a>, <a href="http://en.wikipedia.org/wiki/Dividends" class="mw-redirect" title="Dividends">dividends</a>, or appreciation of the value of the instrument (<a href="http://en.wikipedia.org/wiki/Capital_gains" class="mw-redirect" title="Capital gains">capital gains</a>).<sup id="cite_ref-0" class="reference"><a href="#cite_note-0"><span>[</span>1<span>]</span></a></sup> It is related to <a href="http://en.wikipedia.org/wiki/Saving_%28money%29" title="Saving (money)" class="mw-redirect">saving</a> or deferring <a href="http://en.wikipedia.org/wiki/Consumption_%28economics%29" title="Consumption (economics)">consumption</a>. Investment is involved in many areas of the <a href="http://en.wikipedia.org/wiki/Economy">economy</a>, such as <a href="http://en.wikipedia.org/wiki/Business_management" class="mw-redirect" title="Business management">business management</a> and <a href="http://en.wikipedia.org/wiki/Finance">finance</a>
 whether for households, firms, or governments. An investment involves 
the choice by an individual or an organization, such as a pension fund, 
after some analysis or thought, to place or lend money in a vehicle, 
instrument or asset, such as <a href="http://en.wikipedia.org/wiki/Real_estate" title="Real estate">property</a>, <a href="http://en.wikipedia.org/wiki/Commodity">commodity</a>, <a href="http://en.wikipedia.org/wiki/Stock">stock</a>, <a href="http://en.wikipedia.org/wiki/Bond_%28finance%29" title="Bond (finance)">bond</a>, <a href="http://en.wikipedia.org/wiki/Financial_derivatives" class="mw-redirect" title="Financial derivatives">financial derivatives</a> (e.g. <a href="http://en.wikipedia.org/wiki/Futures_contract" title="Futures contract">futures</a> or <a href="http://en.wikipedia.org/wiki/Option_%28finance%29" title="Option (finance)">options</a>),
 or the foreign asset denominated in foreign currency, that has certain 
level of risk and provides the possibility of generating returns over a 
period of time.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span>[</span>2<span>]</span></a></sup></p>
<p>Investment comes with the risk of the loss of the <a href="http://en.wiktionary.org/wiki/principal#Noun" class="extiw" title="wiktionary:principal">principal sum</a>.
 The investment that has not been thoroughly analyzed can be highly 
risky with respect to the investment owner because the possibility of 
losing money is not within the owner's control. The difference between <a href="http://en.wikipedia.org/wiki/Speculation">speculation</a>
 and investment can be subtle. It depends on the investment owner's mind
 whether the purpose is for lending the resource to someone else for 
economic purpose or not.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span>[</span>3<span>]</span></a></sup></p>
<p>In the case of investment, rather than store the good produced or its
 money equivalent, the investor chooses to use that good either to 
create a durable consumer or producer good, or to lend the original 
saved good to another in exchange for either interest or a share of the 
profits. In the first case, the individual creates durable consumer 
goods, hoping the services from the good will make his life better. In 
the second, the individual becomes an entrepreneur using the resource to
 produce goods and services for others in the hope of a profitable sale.
 The third case describes a lender, and the fourth describes an investor
 in a share of the business. In each case, the consumer obtains a 
durable asset or investment, and accounts for that asset by recording an
 equivalent liability. As time passes, and both prices and interest 
rates change, the value of the asset and liability also change.</p>
<p>An <a href="http://en.wikipedia.org/wiki/Asset">asset</a> is usually purchased, or equivalently a deposit is made in a bank, in hopes of getting a future <a href="http://en.wikipedia.org/wiki/Return_%28finance%29" title="Return (finance)" class="mw-redirect">return</a>
 or interest from it. The word originates in the Latin "vestis", meaning
 garment, and refers to the act of putting things (money or other claims
 to resources) into others' pockets.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span>[</span>4<span>]</span></a></sup>
 The basic meaning of the term being an asset held to have some 
recurring or capital gains. It is an asset that is expected to give 
returns without any work on the asset per se. The term "investment" is 
used differently in economics and in finance. Economists refer to a real
 investment (such as a machine or a house), while financial economists 
refer to a financial asset, such as money that is put into a bank or the
 market, which may then be used to buy a real asset.</p>
<table id="toc" class="toc">
<tbody><tr>
<td>
<div id="toctitle">
<h2>Contents</h2>
 <span class="toctoggle">[<a href="#" class="internal" id="togglelink">hide</a>]</span></div>
<ul>
<li class="toclevel-1 tocsection-1"><a href="#In_economics_or_macroeconomics"><span class="tocnumber">1</span> <span class="toctext">In economics or macroeconomics</span></a></li>
<li class="toclevel-1 tocsection-2"><a href="#Investment_related_to_business_of_a_firm_-_business_management"><span class="tocnumber">2</span> <span class="toctext">Investment related to business of a firm - business management</span></a></li>
<li class="toclevel-1 tocsection-3"><a href="#In_finance"><span class="tocnumber">3</span> <span class="toctext">In finance</span></a></li>
<li class="toclevel-1 tocsection-4"><a href="#Real_estate_as_the_instrument_of_investment"><span class="tocnumber">4</span> <span class="toctext">Real estate as the instrument of investment</span></a>
<ul>
<li class="toclevel-2 tocsection-5"><a href="#Residential_real_estate"><span class="tocnumber">4.1</span> <span class="toctext">Residential real estate</span></a></li>
<li class="toclevel-2 tocsection-6"><a href="#Commercial_real_estate"><span class="tocnumber">4.2</span> <span class="toctext">Commercial real estate</span></a></li>
</ul>
</li>
<li class="toclevel-1 tocsection-7"><a href="#See_also"><span class="tocnumber">5</span> <span class="toctext">See also</span></a></li>
<li class="toclevel-1 tocsection-8"><a href="#Notes"><span class="tocnumber">6</span> <span class="toctext">Notes</span></a></li>
<li class="toclevel-1 tocsection-9"><a href="#External_links"><span class="tocnumber">7</span> <span class="toctext">External links</span></a></li>
</ul>
</td>
</tr>
</tbody></table>
<h2><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Investment&amp;action=edit&amp;section=1" title="Edit section: In economics or macroeconomics">edit</a>]</span> <span class="mw-headline" id="In_economics_or_macroeconomics">In economics or macroeconomics</span></h2>
<p>In <a href="http://en.wikipedia.org/wiki/Economic_theory" class="mw-redirect" title="Economic theory">economic theory</a> or in <a href="http://en.wikipedia.org/wiki/Macroeconomics">macroeconomics</a>, investment is the amount purchased per unit time of <a href="http://en.wikipedia.org/wiki/Good_%28economics_and_accounting%29" title="Good (economics and accounting)" class="mw-redirect">goods</a> which are not consumed but are to be used for future production. Examples include <a href="http://en.wikipedia.org/wiki/Railroad" class="mw-redirect" title="Railroad">railroad</a> or <a href="http://en.wikipedia.org/wiki/Factory">factory</a> construction. Investment in <a href="http://en.wikipedia.org/wiki/Human_capital">human capital</a> includes costs of additional schooling or on-the-job training. <a href="http://en.wikipedia.org/wiki/Inventory_investment">Inventory investment</a> refers to the accumulation of goods <a href="http://en.wikipedia.org/wiki/Inventories" class="mw-redirect" title="Inventories">inventories</a>; it can be positive or negative, and it can be intended or unintended. In <a href="http://en.wikipedia.org/wiki/Measures_of_national_income_and_output">measures of national income and output</a>, <b>gross investment</b> (represented by the <a href="http://en.wikipedia.org/wiki/Variable_%28mathematics%29" title="Variable (mathematics)">variable</a> <var style="font-family: serif; font-size: 1.1em;">I</var>) is also a component of <a href="http://en.wikipedia.org/wiki/Gross_domestic_product">Gross domestic product</a> (<var>GDP</var>), given in the formula <var>GDP</var> = <var>C</var> + <var style="font-family: serif; font-size: 1.1em;">I</var> + <var>G</var> + <var>NX</var>, where <var>C</var> is consumption, <var>G</var> is government spending, and <var>NX</var>
 is net exports. Thus investment is everything that remains of total 
expenditure after consumption, government spending, and net exports are 
subtracted (i.e. <var>I</var> = <var>GDP</var> - <var style="font-family: serif; font-size: 1.1em;">C</var> - <var>G</var> - <var>NX</var>).</p>
<p>Non-residential fixed investment (such as new factories) and 
residential investment (new houses) combine with inventory investment to
 make up <var style="font-family: serif; font-size: 1.1em;">I</var>. <b>Net investment</b> deducts <a href="http://en.wikipedia.org/wiki/Depreciation">depreciation</a> from gross investment. Net fixed investment is the value of the net increase in the capital stock per year.</p>
<p>Fixed investment, as expenditure over a period of time ("per year"), is not <a href="http://en.wikipedia.org/wiki/Capital_%28economics%29" title="Capital (economics)">capital</a>. The time dimension of investment makes it a <i><a href="http://en.wikipedia.org/wiki/Stock_and_flow" title="Stock and flow">flow</a></i>. By contrast, capital is a <i>stock</i>— that is, accumulated net investment <i>to a point</i> in time (such as December 31).</p>
<p>Investment is often modeled as a function of Income and Interest rates, given by the relation <var style="font-family: serif; font-size: 1.1em;">I</var> = <var>f</var>(<var>Y</var>, <var>r</var>).
 An increase in income encourages higher investment, whereas a higher 
interest rate may discourage investment as it becomes more costly to 
borrow money. Even if a firm chooses to use its own funds in an 
investment, the interest rate represents an <a href="http://en.wikipedia.org/wiki/Opportunity_cost">opportunity cost</a> of investing those funds rather than lending out that amount of money for interest.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span>[</span>5<span>]</span></a></sup></p>
<h2><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Investment&amp;action=edit&amp;section=2" title="Edit section: Investment related to business of a firm - business management">edit</a>]</span> <span class="mw-headline" id="Investment_related_to_business_of_a_firm_-_business_management">Investment related to business of a firm - business management</span></h2>
<p>The investment decision (also known as <a href="http://en.wikipedia.org/wiki/Capital_budgeting">capital budgeting</a>)
 is one of the fundamental decisions of business management: Managers 
determine the investment value of the assets that a business enterprise 
has within its control or possession. These assets may be physical (such
 as buildings or machinery), intangible (such as <a href="http://en.wikipedia.org/wiki/Patents" class="mw-redirect" title="Patents">patents</a>,
 software, goodwill), or financial (see below). Assets are used to 
produce streams of revenue that often are associated with particular 
costs or outflows. All together, the manager must determine whether the <a href="http://en.wikipedia.org/wiki/Net_present_value">net present value</a> of the investment to the enterprise is positive using the marginal <a href="http://en.wikipedia.org/wiki/Cost_of_capital">cost of capital</a> that is associated with the particular area of business.</p>
<p>In terms of financial assets, these are often marketable <a href="http://en.wikipedia.org/wiki/Securities" class="mw-redirect" title="Securities">securities</a>
 such as a company stock (an equity investment) or bonds (a debt 
investment). At times, the goal of the investment is to produce future 
cash flows, while at others it may be for the purpose of gaining access 
to more assets by establishing control or influence over the operation 
of a second company (the investee).</p>
<p>Business firms or organisations raise funds from investors in the 
form of equites and debts (collectively known as the capital structure) 
and further reinvest it into various investment schemes by carefully 
analysing the returns in order to meet out their obligations relating to
 purchase of assets which provides them long term benefits.</p>
<h2><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Investment&amp;action=edit&amp;section=3" title="Edit section: In finance">edit</a>]</span> <span class="mw-headline" id="In_finance">In finance</span></h2>
<p>In <a href="http://en.wikipedia.org/wiki/Finance">finance</a>, investment is the commitment of funds by buying <a href="http://en.wikipedia.org/wiki/Security_%28finance%29" title="Security (finance)">securities</a> or other monetary or paper (financial) assets in the <a href="http://en.wikipedia.org/wiki/Money_market" title="Money market">money markets</a> or <a href="http://en.wikipedia.org/wiki/Capital_market" title="Capital market">capital markets</a>, or in fairly <a href="http://en.wikipedia.org/wiki/Market_liquidity" title="Market liquidity">liquid</a> real assets, such as <a href="http://en.wikipedia.org/wiki/Gold">gold</a> or collectibles. <a href="http://en.wikipedia.org/wiki/Valuation_%28finance%29" title="Valuation (finance)">Valuation</a> is the method for assessing whether a potential investment is worth its price. <a href="http://en.wikipedia.org/wiki/Rate_of_return" title="Rate of return">Returns on investments</a> will follow the <a href="http://en.wikipedia.org/wiki/Risk-return_spectrum">risk-return spectrum</a>.</p>
<p>Types of financial investments include shares, other <a href="http://en.wikipedia.org/wiki/Equity_investment" class="mw-redirect" title="Equity investment">equity investment</a>, and <a href="http://en.wikipedia.org/wiki/Bond_%28finance%29" title="Bond (finance)">bonds</a> (including bonds denominated in foreign <a href="http://en.wikipedia.org/wiki/Currency" title="Currency">currencies</a>).
 These financial assets are then expected to provide income or positive 
future cash flows, and may increase or decrease in value yielding the 
investor capital gains or losses.</p>
<p>Trades in <a href="http://en.wikipedia.org/wiki/Derivative_%28finance%29" title="Derivative (finance)">contingent claims</a> or <i><a href="http://en.wikipedia.org/wiki/Derivative_%28finance%29" title="Derivative (finance)">derivative</a> securities</i>
 do not necessarily have future positive expected cash flows, and so are
 not considered assets, or strictly speaking, securities or investments.
 Nevertheless, since their cash flows are closely related to (or derived
 from) those of specific securities, they are often studied as or 
treated as investments.</p>
<p>Investments are often made indirectly through <a href="http://en.wikipedia.org/wiki/Intermediary" title="Intermediary">intermediaries</a>, such as <a href="http://en.wikipedia.org/wiki/Bank" title="Bank">banks</a>, <a href="http://en.wikipedia.org/wiki/Mutual_fund" title="Mutual fund">mutual funds</a>, <a href="http://en.wikipedia.org/wiki/Pension_fund" title="Pension fund">pension funds</a>, <a href="http://en.wikipedia.org/wiki/Insurance">insurance</a> companies, <a href="http://en.wikipedia.org/wiki/Collective_investment_scheme" title="Collective investment scheme">collective investment schemes</a>, and <a href="http://en.wikipedia.org/wiki/Investment_club" title="Investment club">investment clubs</a>.
 Though their legal and procedural details differ, an intermediary 
generally makes an investment using money from many individuals, each of
 whom receives a claim on the intermediary.</p>
<p>Within <a href="http://en.wikipedia.org/wiki/Personal_finance">personal finance</a>, money used to purchase <a href="http://en.wikipedia.org/wiki/Shares" class="mw-redirect" title="Shares">shares</a>, put in a <a href="http://en.wikipedia.org/wiki/Collective_investment_scheme">collective investment scheme</a> or used to buy any asset where there is an element of capital risk is deemed an <i>investment</i>. <a href="http://en.wikipedia.org/wiki/Saving">Saving</a> within personal finance refers to money put aside, normally on a regular basis. This distinction is important, as <a href="http://en.wikipedia.org/wiki/Financial_risk" title="Financial risk">investment risk</a> can cause a capital loss when an investment is sold, unlike <a href="http://en.wikipedia.org/wiki/Saving_%28money%29" title="Saving (money)" class="mw-redirect">saving(s)</a> where the more limited risk is cash devaluing due to <a href="http://en.wikipedia.org/wiki/Inflation">inflation</a>.</p>
<p>In many instances the terms <i>saving</i> and <i>investment</i> are used interchangeably, which confuses this distinction. For example many <a href="http://en.wikipedia.org/wiki/Deposit_account" title="Deposit account">deposit accounts</a> are labeled as <i>investment accounts</i>
 by banks for marketing purposes. Whether an asset is a saving(s) or an 
investment depends on where the money is invested: if it is cash then it
 is savings, if its value can fluctuate then it is investment.</p>
<h2><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Investment&amp;action=edit&amp;section=4" title="Edit section: Real estate as the instrument of investment">edit</a>]</span> <span class="mw-headline" id="Real_estate_as_the_instrument_of_investment">Real estate as the instrument of investment</span></h2>
<p>In <a href="http://en.wikipedia.org/wiki/Real_estate">real estate</a>, investment money is used to purchase <a href="http://en.wikipedia.org/wiki/Property">property</a> for the purpose of holding, reselling or leasing for income and there is an element of capital risk.</p>
<h3><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Investment&amp;action=edit&amp;section=5" title="Edit section: Residential real estate">edit</a>]</span> <span class="mw-headline" id="Residential_real_estate">Residential real estate</span></h3>
<p>Investment in residential real estate is the most common form of real
 estate investment measured by number of participants because it 
includes property purchased as a primary residence. In many cases the 
buyer does not have the full purchase price for a property and must 
engage a lender such as a bank, finance company or private lender. 
Different countries have their individual normal lending levels, but 
usually they will fall into the range of 70-90% of the purchase price. 
Against other types of real estate, residential real estate is the least
 risky.<sup class="Template-Fact" title="This claim needs references to reliable sources from November 2009" style="white-space:nowrap;">[<i><a href="http://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a></i>]</sup></p>
<h3><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Investment&amp;action=edit&amp;section=6" title="Edit section: Commercial real estate">edit</a>]</span> <span class="mw-headline" id="Commercial_real_estate">Commercial real estate</span></h3>
<p>Commercial real estate consists of multifamily apartments, office 
buildings, retail space, hotels and motels, warehouses, and other 
commercial properties. Due to the higher risk of commercial real estate,
 loan-to-value ratios allowed by banks and other lenders are lower and 
often fall in the range of 50-70%.<sup class="Template-Fact" title="This claim needs references to reliable sources from May 2009" style="white-space:nowrap;">[<i><a href="http://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a></i>]</sup></p>
<h2><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Investment&amp;action=edit&amp;section=7" title="Edit section: See also">edit</a>]</span> <span class="mw-headline" id="See_also">See also</span></h2>
<ul>
<li><a href="http://en.wikipedia.org/wiki/Alternative_investments" class="mw-redirect" title="Alternative investments">Alternative investments</a></li>
<li><a href="http://en.wikipedia.org/wiki/Diversifying_investment" class="mw-redirect" title="Diversifying investment">Diversifying investment</a></li>
<li><a href="http://en.wikipedia.org/wiki/Foreign_direct_investment">Foreign direct investment</a></li>
<li><a href="http://en.wikipedia.org/wiki/List_of_countries_by_gross_fixed_investment_as_percentage_of_GDP">List of countries by gross fixed investment as percentage of GDP</a></li>
<li><a href="http://en.wikipedia.org/wiki/List_of_economics_topics" class="mw-redirect" title="List of economics topics">List of economics topics</a></li>
<li><a href="http://en.wikipedia.org/wiki/Mortgage_Investment_Corporation">Mortgage Investment Corporation</a></li>
<li><a href="http://en.wikipedia.org/wiki/Rate_of_return">Rate of return</a> (ROR, a.k.a. ROI)</li>
<li><a href="http://en.wikipedia.org/wiki/Socially_responsible_investing">Socially responsible investing</a></li>
</ul>
<h2><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Investment&amp;action=edit&amp;section=8" title="Edit section: Notes">edit</a>]</span> <span class="mw-headline" id="Notes">Notes</span></h2>
<div class="reflist" style="list-style-type: decimal;">
<ol class="references">
<li id="cite_note-0"><b><a href="#cite_ref-0">^</a></b> <span class="citation book"><a href="http://en.wikipedia.org/wiki/Arthur_O%27_Sullivan" title="Arthur O' Sullivan" class="mw-redirect">Sullivan, arthur</a>; Steven M. Sheffrin (2003). <a href="http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&amp;PMDbSiteId=2781&amp;PMDbSolutionId=6724&amp;PMDbCategoryId=&amp;PMDbProgramId=12881&amp;level=4" class="external text" rel="nofollow"><i>Economics: Principles in action</i></a>. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp.&nbsp;271. <a href="http://en.wikipedia.org/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</a>&nbsp;<a href="http://en.wikipedia.org/wiki/Special:BookSources/0-13-063085-3" title="Special:BookSources/0-13-063085-3">0-13-063085-3</a><span class="printonly">. <a href="http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&amp;PMDbSiteId=2781&amp;PMDbSolutionId=6724&amp;PMDbCategoryId=&amp;PMDbProgramId=12881&amp;level=4" class="external free" rel="nofollow">http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&amp;PMDbSiteId=2781&amp;PMDbSolutionId=6724&amp;PMDbCategoryId=&amp;PMDbProgramId=12881&amp;level=4</a></span>.</span><span class="Z3988" title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Economics%3A+Principles+in+action&amp;rft.aulast=Sullivan&amp;rft.aufirst=arthur&amp;rft.au=Sullivan%2C%26%2332%3Barthur&amp;rft.date=2003&amp;rft.pages=pp.%26nbsp%3B271&amp;rft.place=Upper+Saddle+River%2C+New+Jersey+07458&amp;rft.pub=Pearson+Prentice+Hall&amp;rft.isbn=0-13-063085-3&amp;rft_id=http%3A%2F%2Fwww.pearsonschool.com%2Findex.cfm%3Flocator%3DPSZ3R9%26PMDbSiteId%3D2781%26PMDbSolutionId%3D6724%26PMDbCategoryId%3D%26PMDbProgramId%3D12881%26level%3D4&amp;rfr_id=info:sid/en.wikipedia.org:Investment"><span style="display: none;">&nbsp;</span></span></li>
<li id="cite_note-1"><b><a href="#cite_ref-1">^</a></b> Graham, Benjamin, and David Dodd (1951). Security Analysis. McGraw-Hill Book Company. <a href="http://en.wikipedia.org/wiki/Special:BookSources/0071448209" class="internal mw-magiclink-isbn">ISBN 0071448209</a></li>
<li id="cite_note-2"><b><a href="#cite_ref-2">^</a></b> Graham and Dodd (1951). Security Analysis. McGraw-Hill Book Company. <a href="http://en.wikipedia.org/wiki/Special:BookSources/0071448209" class="internal mw-magiclink-isbn">ISBN 0071448209</a></li>
<li id="cite_note-3"><b><a href="#cite_ref-3">^</a></b> <a href="http://www.etymonline.com/index.php?search=invest&amp;searchmode=none" class="external text" rel="nofollow">Invest</a> on <a href="http://en.wikipedia.org/wiki/Etymonline.com" class="mw-redirect" title="Etymonline.com">etymonline.com</a></li>
<li id="cite_note-4"><b><a href="#cite_ref-4">^</a></b> <a href="http://en.wikipedia.org/wiki/Kevin_A._Hassett" class="mw-redirect" title="Kevin A. Hassett">Kevin A. Hassett</a> (2008, 2nd ed.). <a href="http://www.econlib.org/library/Enc/Investment.html" class="external text" rel="nofollow">"Investment,"</a> <i>The Concise Encyclopedia of Economics</i>. Library of Economics and Liberty.</li>
</ol>
</div>
<h2><span class="editsection">[<a href="http://en.wikipedia.org/w/index.php?title=Investment&amp;action=edit&amp;section=9" title="Edit section: External links">edit</a>]</span> <span class="mw-headline" id="External_links">External links</span></h2>
<ul>
<li><a href="http://www.dmoz.org/Business/Investing/Stocks_and_Bonds/Equities/Research_and_Analysis//" class="external text" rel="nofollow">Investing</a> at the <a href="http://en.wikipedia.org/wiki/Open_Directory_Project">Open Directory Project</a></li>
</ul>


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